Vice Chairman and Managing Director of Dubai Holding Ahmad Bin Byat today said that the UAE economy is well placed to maintain its stability despite the turmoil faced by the global economy. He said Dubai is expected to see a growth of 5% in 2015.

Bin Byat made these remarks during a ‘Meet the CEO’ event organised by the Government of Dubai Media Office (GDMO) today. “Meet the CEO’ is a regular series of press events organised by GDMO for leaders of prominent Dubai organisations. Both local and international media attended the event, held at the Al Qasr Hotel, Dubai.

The Dubai Holding Managing Director spoke about global economic developments and shared his outlook for the UAE economy in 2016. Bin Byat said the UAE will enjoy sustainable growth, supported by the healthy performance of diverse economic sectors.

Bin Byat also reviewed Dubai Holding’s local and international investments over the past ten years and assessed Dubai’s global position in the tourism, information technology, telecommunication, hospitality and real estate sectors. He said that Dubai ‎substantially increased its share of global tourism in recent years. The city is ranked the fourth most popular tourist destination in the world in terms of tourists-per-resident. More than 13 million tourists visited Dubai in 2014.

The Vice Chairman and Managing Director of Dubai Holding said the group celebrated its tenth anniversary last year capping a decade of exceptional successes. Dubai Holding’s successes have been largely due to its resilience and diversity. The group, which is one of Dubai’s flagship companies, with total assets exceeding AED 130 billion, follows a long-term strategy that is closely aligned with Dubai’s overall outlook and strategy.

Bin Byat pointed out that 60% of Dubai Holding’s revenue comes from recurring revenue streams. The group’s investment portfolio features a diverse range of assets that includes 11 free zone complexes like Dubai Internet City and Dubai Design District, which together host 72,000 employees and directly contributes to Dubai’s economy by attracting investments from a range of international companies. The assets also include 25,000 leased residential units.

Bin Byat said Dubai Holding’s business is closely aligned with Dubai’s economic model, which is based on a strong services sector. As part of this model, the group has substantial international investments in the hospitality sector, which includes hotels in 10 countries.

He described Dubai Holding as Emirates Airline’s little sister, adding that the organisation is committed to providing exceptional services by investing in quality management and superior human capital. The group currently employs 22,000 people.

On foreign investments, Bin Byat said that Dubai Holding’s international investments stretch across six countries, including Tunisia, Morocco, Egypt, Malta, India and Greece. He said the group is highly strategic in managing its international investments. The decision to withdraw from the Greek banking sector at the right time reflects this approach.

Speaking about Dubai Holding’s investments in Arab Spring countries, he said the group has invested in Tunisia’s telecommunication and real estate sectors. With the return of political stability, the group hopes to resume its investments in the country, which it considers a promising market. Bin Byat said Dubai Holding’s investments in India are progressing according to plans, while in Malta, the group has partnered with the government to build a Smart City similar to Dubai Internet City.

Bin Byat further said the group continues to look for promising opportunities that could be grown from Dubai and for those that could further diversify its investment portfolio across various sectors. Dubai Holding is currently studying investment opportunities that will attract expertise and technologies especially in e-business, which will be the foundation of future economies. He said the group’s investment strategy is focused on strategic and long-term assets.

The Dubai Holding Managing Director affirmed that the company is committed to fulfilling its financial obligations, the last of which is a £500 million loan that matures by January 2017. He said the current obligations do not constitute a challenge due to the group’s high solvency ratio.

Bin Byat further said the group continues to look for promising opportunities that could be grown from Dubai and for those that could further diversify its investment portfolio across various sectors. Dubai Holding is currently studying investment opportunities that will attract expertise and technologies especially in e-business, which will be the foundation of future economies. He said the group’s investment strategy is focused on strategic and long-term assets.The Dubai Holding Managing Director affirmed that the company is committed to fulfilling its financial obligations, the last of which is a £500 million loan that matures by January 2017. He said the current obligations do not constitute a challenge due to the group’s high solvency ratio.

Speaking about the country’s achievements in the telecom and IT sectors, Bin Byat, who is also Chairman of du, said the UAE aims to become a global telecom and IT hub. It is already a major player with the country operating 20 submarine internet cables, serving Asia and Middle East. He said the establishment of the Telecommunications Regulatory Authority enabled the creation of a sound regulatory framework for the sector. Telecommunication, he said, is one of the key pillars of the UAE’s economy. The country, which is ranked number one globally in smartphone penetration, saw its telecommunications sector growing 35%.

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Speaking about the growth of the emirate’s tourism sector, he said Dubai hosts 13 million tourists annually, a figure that reflects its status as a global tourism hub. Dubai is ranked fourth in the world in terms of tourists per resident after London, Paris and Bangkok.

Bin Byat expects the GCC region to maintain economic stability in 2016. However, he said the region needs to diversify its non-oil economy, especially by expanding sectors like services, aviation and telecommunication.

Commenting on the importance of investing in innovation and the support the leadership has offered in this regard, Bin Byat said Dubai Holding has committed last year to invest AED 4.5 billion in innovation-related infrastructure. He reiterated that the group has a history in innovation as evidenced in projects such as Burj Al Arab and Dubai Internet City to name just a couple. He said the group deploys the latest international technologies to enhance its business operations. He said Jumeirah Group recently signed an agreement with Google to offer virtual online tours in the hotels owned by it. For the UAE Innovation Week, TECOM Group’s communities across the ICT, Media, Education, Science, Manufacturing and Design sectors will engage the community through a series of workshops, seminars, talks and competitions, in close collaboration with their business partners, to champion innovation and promote the exchange of knowledge and creative ideas.

Reflecting on the lessons he has learned from Dubai’s founding fathers, Bin Byat recalled the Majilises held by Sheikh Rashid bin Saeed where he learned many skills. He said Rashid bin Saeed’s Majlis was a home for innovators and an incubator for creative ideas.

Concluding his session, the Vice Chairman and Managing Director of Dubai Holding called on young Emiratis to start their own entrepreneurial ventures to benefit from the exceptional opportunities available in the UAE and to participate in the development of the national economy.

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